Page 9 - Gift City

MCA enforces provision for foreign listing of Indian public companies

A public company, according to the Companies Act, is a company which, unlike a private company, does not restrict the transfer of shares

Unified regulator IFSCA like an agile startup: K Rajaraman at BFSI Summit

Chairman Rajaraman says banking and fund ecosystem at Gift City very robust

Non-residents, foreign cos without PAN can open bank a/cs in IFSC-Gift City

Non-residents and foreign companies opening bank accounts in IFSC Gift City will not have to furnish PAN and instead file a declaration. The non-resident or the foreign company opening a bank account at the International Financial Services Centres (IFSC) will have to file a declaration in Form 60 and should not have any tax liabilities in India. The Finance Ministry has amended Income Tax Rules exempting non-residents opening a bank account from the requirement of submitting PAN. Gujarat International Finance Tec-City (GIFT)-IFSC is being promoted as a tax-neutral enclave for the financial sector. Nangia Andersen LLP Partner - Financial Services Sunil Gidwani said this relaxation will make it easy for foreign companies, NRIs and other non-residents to open a bank account with an IFSC bank. "It will boost the liability/deposits side as well as the retail business segment of a bank in IFSC," Gidwani said.

We're the go-to firm when it comes to mid-caps: Equirus MD Ajay Garg

'Equirus is well poised to have leadership in five broad business areas'

Air India completes acquisition of its 1st A350 aircraft through GIFT City

Air India on Friday said it has completed the acquisition of its first A350-900 aircraft by way of a finance lease transaction with HSBC through the GIFT City. This is also the first wide body aircraft to be leased through the GIFT City, the country's first International Financial Services Centre (IFSC). In a release, the airline said the transaction was facilitated by its wholly-owned subsidiary AI Fleet Services Ltd (AIFS) and is also the first financing transaction from the orders for 470 aircraft that were made earlier this year. Tata Group-owned Air India, which has embarked on an ambitious transformation plan, expects the first A350-900 aircraft to arrive in India by the end of this year. According to the release, the airline has successfully acquired India's first Airbus A350-900 aircraft through a finance lease transaction with HSBC. "This landmark transaction marks the beginning of our aircraft leasing business from GIFT IFSC, as AIFS will be the primary Air India Group .

All about family offices, transcribing apps: Top personal finance stories

Our pick of best stories this week explains why India's rich are flocking to GIFT City and what apps to use for transcribing audio files

Gift Nifty sets record single day trading of 3.86 mn contracts worth $15 bn

Gift Nifty index recorded an all-time high single day trading activity of 38.63 lakh contracts with a turnover of USD 15.25 billion (about Rs 1.27 lakh crore) on Tuesday. The index surpassed its previous record of a turnover of USD 12.98 billion touched on August 29, NSE IX said in a statement on Wednesday. Gift Nifty is a dollar-denominated futures contract based on the Nifty 50 index and is traded on the NSE IX, an international multi-assets exchange set up at GIFT City. Trading turnover on NSE IX has been growing since the commencement of a full-scale operation of Gift Nifty on July 3, 2023. Since the first day of full-scale operations, Gift Nifty has witnessed a total cumulative volume of over 4.59 million contracts with a total turnover of USD 178.54 billion. NSE IX offers a diversified portfolio of products, including Indian single stock derivatives, index derivatives, currency derivatives, depository receipts, commodity derivatives and global stocks.

Ambuja Cements incorporates three new subsidiaries to boost business

The three subsidiaries are-Lotis IFSC Private Limited, Ambuja Concrete North Private Limited and Ambuja Concrete West Private Limited

Australian University of Wollongong to start GIFT City campus by July 2024

Gujarat International Finance Tec-City (GIFT City) provides a unique opportunity to develop an ecosystem for finance and business school, University of Wollongong (UOW) Australia Vice Chancellor and President Patricia Davidson said here on Monday. The university, which plans to start its campus at the GIFT City by July next year, unveiled its UOW India identity. "I think GIFT City really provides a unique opportunity. Probably, you know, if you are trying to develop an environment or an ecosystem for finance and business school, you could not think of a more supportive and enabling environment than GIFT City," Davidson told reporters. "I think this would be a big differentiator, and we are really hoping that we can get many students from Australia and other campuses to come here and study at GIFT City," she added. The university's global brand ambassador and cricketer Adam Gilchrist was also present on the occasion. UOW and Deakin University are the two Australian universities to g

Govt exempts investment trusts, ETFs from capital gains tax in GIFT City

The government has exempted units of investment trusts and ETFs issued by entities based in GIFT City or traded in exchanges there from capital gains tax. The Central Board of Direct Taxes (CBDT) notified the exemption from capital gains tax any unit of investment trust; a unit of a scheme; and a unit of an Exchange Traded Fund (ETF) launched under the International Financial Services Centres Authority (Fund Management) Regulations, 2022. Gujarat International Finance Tec-City (GIFT)-IFSC is being promoted as a tax-neutral enclave for the financial sector. Nangia Andersen LLP Partner-Financial Services Sunil Gidwani said currently, the law provides for exemption from capital gains tax on various securities either trading on the stock exchanges in GIFT city or securities issued by entities set up in GIFT city. "The new fund regime provides for funds to be set up as investment trusts, and hence, the law required the inclusion of units issued by such trusts for the purpose of exemptio

Top headlines: KKR to invest in Reliance Retail, gains for rail, infra cos

Business Standard brings you the latest headlines at this hour

Saudi Arabia plans sovereign wealth fund office in Gujarat's GIFT City

India and Saudi Arabia signs 53 MoUs worth $3.5 bn

Saudi Arabia to consider Sovereign Wealth Fund office in India's GIFT City

Saudi Arabia will consider setting up an office of its Sovereign Wealth Fund in India's Gujarat International Finance Tec-City (GIFT) in the west

Direct listings of firms at GIFT City by end of this year: IFSCA Chairman

Rajaraman says norms to be notified soon; Regulator also mulling on a new payments system regulation

NSE-BSE IFSC units may file merger plea before NCLT by September-end

Insiders suggest the possibility of an all-share amalgamation of arch rivals

Top headlines: Car sales zoom to new high in Aug, India set for Aditya-L1

Business Standard brings you the latest headlines at this hour

Narayana Murthy, Azim Premji to set up family investment fund at GIFT City

However, a source close to the development said that the application is still in the regulatory stage.

IFSCA looks to clear decks for startups' direct listing at GIFT City

Mulls steps to ease setting up holdcos, Spacs

Total banking transactions at GIFT IFSC reach $508 bn by July 2023

Total banking transactions at GIFT International Financial Services Centre (IFSC) here reached USD 508 billion till July 2023, an official said on Tuesday. GIFT IFSC Executive Director Dipesh Shah said that till July 2023, the total banking asset size at GIFT IFSC stood at USD 41.20 billion, and cumulative derivative transactions booked by banks were worth USD 632 billion. There were a total of over 545 IFSCA registered entities at GIFT IFSC till July 2023, including 25 aircraft and shipping entities, and monthly turnover on the IFSC international stock exchange in July 2023 was USD 60.33 billion. Total commitments made to alternative investment funds till July 2023 was at USD 17.8 billion, he said. Shah said that as of date, over 5,000 employees worked at GIFT IFSC zone, and a proposal was received from a single company interested to employ 5,000 people in its GIFT IFSC unit. "These are the types of proposals we are discussing in terms of financial centre growth in coming years,"

Framework in works to make GIFT City global hub for accounting: Sitharaman

Union Finance Minister Nirmala Sitharaman on Saturday said a comprehensive legal framework will soon be in place to enable accounting, auditing and taxation professionals to provide services from GIFT City, turning it into a global hub for accounting and financial back-office functions. Chairing a review meeting on the growth and development of GIFT-IFSC at Gujarat International Finance Tec-City (GIFT City), Sitharaman also emphasised using the maximum potential of the Indian International Bullion Exchange IFSC (IIBX) -- launched here in 2022 -- in ensuring disintermediation and efficient price discovery. She asked the Reserve Bank of India to pilot the import of tariff rate quota (TRQ) gold under the Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates through IIBX to pave the way for Indian banks efficiently using the IIBX platform, an official release stated. The Union minister exhorted both the International Financial Services Centres Authority (IFSC